Core Viewpoint - The company Foster (603806) anticipates a significant decline in net profit for the first half of 2025, primarily due to industry challenges such as overcapacity and intensified market competition [1] Financial Performance - The expected net profit attributable to the parent company for the first half of 2025 is 473 million yuan, a decrease of 455 million yuan compared to the same period last year, representing a year-on-year decline of 49.05% [1] - The anticipated net profit after deducting non-recurring gains and losses is projected to be 426 million yuan, down 473 million yuan year-on-year, which is a decrease of 52.65% [1] Industry Context - The decline in performance is attributed to factors affecting the photovoltaic industry, including overcapacity and increased market competition [1] - The prices of raw materials, specifically photovoltaic resin, and the selling prices of photovoltaic film products have both decreased, leading to a reduction in revenue scale and overall gross margin [1]

Core Viewpoint - The BC battery sector has seen a collective surge of over 4% as of July 8, with several stocks, including Tongwei Co., Ltd. and Junda Co., Ltd., reaching their daily limit up [1] Industry Summary - BC batteries, or back-contact batteries, integrate both positive and negative metal contacts on the back, allowing for a design that absorbs more sunlight and offers higher efficiency, particularly suitable for distributed photovoltaic and commercial rooftop applications [1] - By April 2025, the mass production efficiency of BC batteries is expected to exceed 27%, with a theoretical efficiency limit of 29.1% [1] - Recent discussions in the photovoltaic industry have focused on "anti-involution," with the Ministry of Industry and Information Technology emphasizing the need for lawful and orderly competition, which is expected to enhance market expectations for the healthy development of the photovoltaic industry [1] - The BC battery technology is positioned as a high-efficiency, high-value photovoltaic technology, offering better performance compared to traditional P-type and TOPCon batteries, and is anticipated to play a significant role in the industry's transformation and upgrade [1] Company Summary - Longi Green Energy (601012) has a BC production capacity of 30GW HPBC (High-efficiency Passivated Back Contact) battery project, which is already in mass production [2] - Junda Co., Ltd. has established an experimental line for BC products based on N-type technology, moving towards pilot testing and mass production of N-type products [2] - Tongwei Co., Ltd. has a comprehensive layout in various technology routes, including TOPCon, HJT, BC batteries, and perovskite/silicon tandem batteries, with ongoing breakthroughs in N-type batteries [2] - Dongcai Technology (601208) focuses on technological innovation and explores differentiated photovoltaic product development strategies, with products already applied to BC batteries [2] - Jiejia Weichuang (300724) is developing XBC battery testing and sorting equipment to address issues related to the positioning accuracy of battery grid lines on the back [3] - Foster (603806) is the largest supplier of packaging materials for Longi and Aiko's BC batteries [4] - Aiko Co., Ltd. (600732) has launched a new generation of N-type back-contact ABC battery technology components and photovoltaic energy solutions [4] - TCL Zhonghuan (002129) is enhancing its product lineup by transforming TOPCon standard component production lines and establishing a 2GW BC component production line [4]

Core Viewpoint - Haofan Bio is facing capacity bottlenecks and has proposed an acquisition plan to enhance its production capacity, despite the target company reporting losses in the past year and the first quarter of this year [1][3]. Group 1: Acquisition Details - Haofan Bio plans to use 160 million yuan of its own or raised funds to acquire 100% equity of Hangzhou Foster Pharmaceutical Co., Ltd. The acquisition will occur in two phases, with the first phase granting Haofan Bio 85% equity and the second phase achieving full ownership [1][3]. - Hangzhou Foster specializes in the research, production, and sales of advanced intermediates and specialty APIs, focusing on oncology, antiviral, allergy, cardiovascular, and psychiatric medications [1][3]. Group 2: Strategic Rationale - The acquisition will allow Haofan Bio to extend its product chain into downstream intermediates and APIs, enriching and optimizing its product structure, and creating new business and profit growth points [3]. - The target company has established a GMP-compliant production and quality management system, which will enhance Haofan Bio's quality management capabilities and overall service capacity [3]. - The acquisition is expected to facilitate resource sharing and market synergy between Haofan Bio and Hangzhou Foster, enhancing customer resource and sales channel integration [3]. Group 3: Financial Performance of Target Company - Hangzhou Foster reported a revenue of 204 million yuan in 2024 with a net loss of 28.44 million yuan, and for the first quarter of 2025, it generated a revenue of 26.18 million yuan with a net loss of 8.44 million yuan [4]. - The company has been facing cash flow challenges, with negative cash flow from operating activities reported [4]. Group 4: Valuation and Premium - The acquisition involves a premium, with the assessed value of Hangzhou Foster's equity at 162 million yuan, reflecting a 251.52% increase over its book value of 46.03 million yuan [5]. - The premium is justified based on the asset's growth potential and market positioning, although significant premiums warrant caution from management and investors [5].

Core Viewpoint - The announcement provides an update on the conversion results of the company's convertible bonds, indicating low conversion activity and significant amounts of unconverted bonds. Group 1: Convertible Bond Issuance and Listing - The company issued 30.30 billion yuan worth of convertible bonds on November 22, 2022, with a face value of 100 yuan per bond and a maturity period of six years [3] - The bonds were listed on the Shanghai Stock Exchange on December 22, 2022, under the name "福22转债" and code "113661" [4] Group 2: Conversion Status - As of June 30, 2025, a total of 115,000 yuan of "福22转债" has been converted into 2,828 shares, representing 0.00015% of the company's total shares before conversion [2][10] - During the quarter from April 1 to June 30, 2025, 4,000 yuan of "福22转债" was converted into 266 shares, accounting for 0.000014% of the total shares before conversion [2][10] - The amount of unconverted convertible bonds as of June 30, 2025, is 3,029,874,000 yuan, which constitutes 99.9962% of the total issuance [2][10] Group 3: Conversion Price Adjustments - The initial conversion price of "福22转债" was set at 65.07 yuan per share, adjusted to 46.37 yuan on May 26, 2023, and further adjusted to 32.94 yuan on June 24, 2024 [5][6] - Following a downward adjustment approved on March 17, 2025, the conversion price was set to 15.00 yuan per share, and subsequently adjusted to 14.74 yuan on June 24, 2025 [6][7] Group 4: Redemption Status - The company held bondholder meetings in September 2023 and October 2024, resulting in the redemption of 60 and 50 bonds, respectively, during the specified redemption periods [8][9]

关于季度可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： | 证券代码：603806 | 证券简称：福斯特 | | | 公告编号：2025-048 | | --- | --- | --- | --- | --- | | 转债代码：113661 | 转债简称：福 | 22 | 转债 | | 杭州福斯特应用材料股份有限公司 ● 累计转股情况：截至 2025 年 6 月 30 日，累计 115,000 元"福 22 转债" 已转换成公司股票，累计转股数为 2,828 股，占本次可转换公司债券（以下简称 "可转债"）转股前公司已发行股份总额的 0.00015%。 ● 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的可转债金额为 3,029,874,000 元，占可转债发行总量的 99.9962%。 ● 本季度转股情况：自 2025 年 4 月 1 日至 2025 年 6 月 30 日期间，共有 4,000 元"福 22 转债"转换成公司股票，转股数量为 266 股，占 ...

Group 1 - The company, Hangzhou Foster Applied Materials Co., Ltd., issued convertible bonds totaling RMB 3.03 billion, approved by the China Securities Regulatory Commission [1][6] - The bonds were issued on November 22, 2022, with a face value of RMB 100 each, and a maturity period of 6 years [1][6] - The initial conversion price for the bonds is set at RMB 65.07 per share, with provisions for adjustments based on corporate actions [2][4] Group 2 - The company reported a net profit attributable to shareholders of RMB 130.76 million for the year 2024, a decrease of 29.33% compared to the previous year [6] - Total assets as of December 31, 2024, amounted to RMB 2.12 billion, reflecting a 2.86% decrease from the beginning of the year [6] - The company's operating revenue for 2024 was RMB 1.91 billion, down 15.23% from 2023 [6] Group 3 - The funds raised from the convertible bonds are allocated for various projects, including a reduction in the scale of a photomask project and a shift in funding to new projects in Guangdong and Vietnam [4][6] - The company has established a dedicated account for managing the raised funds, ensuring compliance with regulatory requirements [4][6] - The bond trustee, Guotai Junan Securities Co., Ltd., has been monitoring the company's financial and operational status to protect bondholders' interests [5]

| 证券代码：603806 | 证券简称：福斯特 | | | --- | --- | --- | | 转债代码：113661 | 转债简称：福 | 22 转债 | 杭州福斯特应用材料股份有限公司 可转换公司债券受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年六月 杭州福斯特应用材料股份有限公司 可转换公司债券受托管理事务报告 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）、 《杭州福斯特应用材料股份有限公司公开发行可转换公司债券之债券受托管理 协议》（以下简称"《债券受托管理协议》"）、《杭州福斯特应用材料股份有限公 司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）、《杭州 福斯特应用材料股份有限公司 2024 年年度报告》等相关公开信息披露文件、第 三方中介机构出具的专业意见等，由本次债券受托管理人国泰海通证券股份有 限公司（以下简称"国泰海通"）编制。国泰海通对本报告中所包含的从上述文 件中引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、 准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的 ...

| 证券代码：603806 | 证券简称：福斯特 | | | 公告编号：2025-047 | | --- | --- | --- | --- | --- | | 转债代码：113661 | 转债简称：福 | 22 | 转债 | | 杭州福斯特应用材料股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 履行的审议程序：杭州福斯特应用材料股份有限公司（以下简称"公司"） 于 2025 年 4 月 8 日召开的第六届董事会第六次会议，审议通过了《关于使用部 分暂时闲置募集资金进行现金管理的议案》，同意公司及子公司在确保不影响募 集资金投资项目实施及募集资金安全的前提下，使用总额度不超过 10 亿元的暂 时闲置募集资金进行现金管理，用于购买安全性高、流动性好、产品发行主体能 够提供保本承诺的投资产品。公司监事会发表明确同意意见，公司保荐机构国泰 海通证券股份有限公司出具核查意见。具体内容详见公司于 2025 年 4 月 10 日在 上海证券交易所网 ...

Group 1 - The Foster Guangdong project is progressing steadily, with production expected to begin in batches in the first half of next year, aiming for a market share of over 50% in the photosensitive dry film business within five years [1][3] - The project is being developed by Hangzhou Foster Applied Materials Co., Ltd., a leading enterprise in the industry, known for its strong presence in the new energy and new materials sectors, particularly in photovoltaic packaging materials [3] - The company has a dominant market position, with over 50% market share internationally and over 60% domestically for its main product, EVA film [3] Group 2 - The photosensitive dry film project has a total investment of 550 million yuan and will cover an area of 95.98 acres, focusing on materials essential for PCB manufacturing [5] - The photovoltaic film project has a total investment of 1.45 billion yuan and will cover 119.51 acres, producing key encapsulation materials for the photovoltaic industry [7] - The construction of the projects is nearing completion, with significant progress made on the factory structures, and the photosensitive dry film project is expected to be completed by the end of this year [7]

| 证券代码：603806 | 证券简称：福斯特 | | 公告编号：2025-046 | | --- | --- | --- | --- | | 转债代码：113661 | 转债简称：福 22 | 转债 | | 杭州福斯特应用材料股份有限公司 关于"福 22 转债"转股价格调整的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券停复牌情况：适用 因杭州福斯特应用材料股份有限公司（以下简称"公司"）实施 2024 年度权 益分派,本公司的相关证券停复牌情况如下： "福 22 转债"自 2024 年度权益分 派实施公告前一交易日（即 2025 年 6 月 16 日）至权益分派股权登记日（即 2025 年 6 月 23 日）间停止转股，自 2025 年 6 月 24 日起恢复转股。 | 证券代码 | 证券简称 | | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 113661 ...